Posted on Mon, Oct. 26, 2009
Sunoco Logistics Partners L.P., the Philadelphia-based oil pipeline operator, said its third-quarter revenue fell by half, to $1.43 billion, while net income dropped 3.6 percent, to $48.5 million.
A year-over-year decline of nearly 50 percent in crude oil prices was the "key driver" in the revenue decline, the company said.
Earnings per share for the three months ended Sept. 30 fell to $1.13, from $1.41 a year earlier.
Sunoco Logistics is 40 percent owned by oil refiner Sunoco Inc. It operates 3,800 miles of crude oil pipelines and 2,200 miles of refined-product pipelines.
The company said "distributable cash flow" increased $1.9 million to $54.4 million for the latest quarter, and declared a cash distribution of $1.065 per common partnership unit - a 10.4 percent increase over the third quarter of 2008. - Reid Kanaley
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